VeriFone Names Galant CEO

Hired for track record in multi-channel payment innovation

SAN JOSE, Calif. -- The board of directors of VeriFone Systems Inc. has announced that it has appointed Paul Galant as chief executive officer and member of the board, effective Oct. 1, 2013.

Prior to joining VeriFone, Galant, 45, served as the CEO of Citigroup Inc.'s Enterprise Payments business since 2010. In this role, he developed innovative digital payments services for Citi's institutional and government clients, enabling them to expand into growth markets and helping them to meet their consumers' current and future needs for secure mobile payments and commerce.

Before that, from 2009, Galant served as CEO of Citi Cards, heading Citigroup's North American and International Consumer Credit Cards business during a period of dramatic change in the industry and positioned it for growth. And prior to that, from 2007, he was CEO of Citi Transaction Services, establishing the business as a core growth engine for Citi and expanding it into new product lines and markets serving Citi's largest institutional and government clients.

Previously, he was the global head of the cash management business, one of the largest processors of payments globally, covering all geographic regions including North America, Latin America, Europe, the Middle East, Africa and Asia Pacific. Under his leadership, the Cash Management business experienced record growth and a significant improvement in its operating performance.

Before this, he was global head of e-commerce and market data strategy for Citi Corporate & Investment Banking. He and his team set strategic direction and executed e-commerce initiatives, set market data strategy and developed global agreements.

Before joining Citi, Galant was with Donaldson, Lufkin & Jenrette as global head of e-commerce, and Head of Financial Engineering within Debt Capital Markets; with both Smith Barney and Credit Suisse heading Financial Engineering Divisions; and as president and founder of BTP Information Services Inc.

"Following an extensive search process, that considered a broad list of highly qualified candidates, Paul was deemed unanimously by the board to have the best combination of professional experience and leadership skills to continue to capitalize on the solid progress we have made in recent months. His experience in guiding businesses through industry change and his track record in multi-channel payment innovation will position the company strategically for continued growth and long-term value creation," said Dr. Leslie Denend, VeriFone's interim nonexecutive chairman.

"Over the past six months, VeriFone has made important strides implementing our broad transformation effort to increase our value-added services and software offerings," said Denend. "On behalf of the entire board, I would like to thank Rich McGinn, who agreed to step in as our interim CEO at a critical time in our history. As a consequence of his efforts and those of other outstanding executives, VeriFone is now well-positioned as we look to our future under Paul's leadership."

VeriFone Systems Inc. is the global leader in secure electronic payment solutions. VeriFone provides expertise, solutions and services that add value to the point of sale with merchant-operated, consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets. VeriFone solutions are designed to meet the needs of merchants, processors and acquirers in developed and emerging economies worldwide.

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